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Sunday, June 14, 2009

How reinvesting in your house can swell your pockets

Some people have weird opinion about reinvesting in their houses.

They think that putting a fresh coat of paint is enough to renovate their
houses.

Many believe that buying new furniture along with a fresh coat of wall
paints completes their home renovation. But in reality, reinvesting in your
houses has a broader picture to it.
How do reinvesting in your house can be a profitable venture for you? What
are the areas you need to put your money in? Are you planning to sell your house, or rent it out?

These are some of the questions that you should ask yourself before you make
any headway and reinvest in your house.

If your home is located in a posh locality, then any re-investments in your
house can actually swell your pockets many more times than what you will get if
you have a house in a less posh locality.

You should be careful with your reinvestment plans as overspending might lead
you to trouble.

Here are some of the significant areas in your reinvestment plans that could
fatten your pockets.

• If you have more than one patio in your house, you should rethink and transform
your patio into an added room as this could automatically increase the price of
your house. A two bedroom residential accommodation, for instance, if converted
to a three bedroom accommodation is bound to cost more than before. There would
be an increase of more than 100% in the cost of your new home.
• Maximize the use of kitchen spaces as it could play a vital role in
increasing the prices of your house. Changing your kitchen floor tiles along
with installing new storage solutions for your kitchen can sharply increase the
value of your house. Selling
your house or finding new tenants can bring you a generous financial
incentive.
• How about providing a face lift to your bathrooms? Changing bathroom floor
tiles, adding new accessories, such as wash basins or other bathroom cabinet
can raise the cost of your house if you decide to sell it.
• Coat your outdoors and interiors with a fresh coat of paint as freshness
to the walls makes it new and enhances the image of your house.
• If your floors look dirty or damaged, you should change the entire floor
tiles. New flooring looks fabulous and prospective buyers would be willing to
pay higher sums. You would also get higher rent on your house with added
fittings.

Make the best use of space and make smart and proper refurbishing to your
house.

Finally, hire a reputable contractor and never compromise on the quality of
a contractor. A competent contractor will always provide you a good return for
your reinvestment in your house.